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BASIS OF PRESENTATION (Policies)
9 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

 

On July 1, 2019, we adopted ASU 2016-02 (Topic 842) “Leases,” using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of fiscal 2020. The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The impact of adoption was an increase to both long-term assets and total liabilities each in the amount of approximately $3.3 million as of July 1, 2019.